Group 1 - The core viewpoint of the articles highlights the significant investment opportunities in the technology innovation sector, with active equity funds achieving substantial returns, particularly those heavily invested in technology stocks [1][2]. - Active stock and mixed equity funds reported an average net value growth exceeding 6%, with several funds seeing net value growth over 30%, indicating strong performance in the technology sector [1]. - Key funds such as Yongying Technology Smart Selection and Caitong Integrated Circuit Industry have reported net value growth of over 30%, showcasing the potential of technology-focused investments [1]. Group 2 - The second quarter saw a notable adjustment in positions by fund managers, with a focus on the growth of AI applications and the increasing demand for computing power from Chinese manufacturers in sectors like optical communication and PCB [2]. - Fund managers are optimistic about the upcoming releases of advanced models like GPT-5 and Grok-4, and are actively seeking investment opportunities in the global cloud computing industry [2]. - The report from Guojin Securities indicates that as of June 30, technology stocks accounted for 31.28% of the total value of heavy positions in public active equity funds, making it the most prioritized sector [3].

Core Viewpoint - The article highlights the recent performance of A-share listed companies, focusing on significant stock price increases for specific companies amid a generally declining market trend. It emphasizes the importance of institutional research and the potential for growth in certain sectors, particularly in technology and manufacturing. Group 1: Market Performance - During the week of July 28 to August 1, A-share indices experienced fluctuations, with the Shanghai Composite Index falling by 0.94% to close at 3559.95 points, while the Shenzhen Component and ChiNext Index dropped by 1.58% and 0.74%, respectively [2] - Despite the overall market decline, two stocks, Defu Technology and Shenghong Technology, surged over 20%, reaching new highs for the year [3] Group 2: Institutional Research - A total of 125 listed companies disclosed institutional research minutes last week, with nearly 40% of the companies experiencing positive returns. Defu Technology and Shenghong Technology were among those with significant gains, with Defu Technology achieving a year-high stock price [3] Group 3: Defu Technology - Defu Technology (301511) hosted 144 institutional investors for research, the highest number for the week. The interest was driven by the company's plan to acquire 100% of Luxembourg Copper Foil for €1.74 billion, which is noted for its advanced technology and production capabilities [5] - The acquisition will increase Defu Technology's electrolytic copper foil production capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer [5] - The company highlighted a supply shortage in the global HVLP3 and above copper foil market, indicating strong future growth potential [5] Group 4: Shenghong Technology - Shenghong Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities. The company aims to become a leading player in the AI hardware supply chain [6] - The funds raised from the IPO will be used for high-end capacity expansion, smart upgrades, and research in advanced PCB technologies, enhancing the company's global expansion capabilities [8] Group 5: Industry Insights - CIMC Group reported optimistic performance in its container business, driven by favorable US-China trade negotiations and increased demand for container orders, with expectations of industry production exceeding 3 million TEU for the year [9] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of around 90% [9] - BOE Technology indicated a continued trend of inventory reduction in the LCD TV market, with expectations for price stabilization as demand recovers in August [9]

Group 1 - The trend of A-share companies listing in Hong Kong is gaining momentum, with 22 companies planning to go public since July 2025, including major firms like Shenghong Technology and Luxshare Precision [1][3] - Leading companies in various sectors, particularly in PCB and consumer electronics, are driving this wave, with Shenghong Technology's stock price increasing by 402% since January [3] - The Hong Kong stock market is becoming a crucial platform for mainland companies to expand globally, supported by regulatory improvements and faster approval processes [4] Group 2 - Regulatory collaboration between the China Securities Regulatory Commission and the Hong Kong Stock Exchange has streamlined the listing process, allowing for quicker approvals and diverse financing options [4] - Recent trends indicate that companies going public in Hong Kong are experiencing increased market capitalization and enhanced international presence, as seen with CATL's fundraising of over HKD 41 billion for overseas expansion [4] - The influx of A-share companies into the Hong Kong market is expected to continue until 2026, with strategies in place to attract more high-quality Chinese enterprises [4]

证 券 研 究 报 告 【策略月报】 AI 旗手：北美算力 PCB ——多行业联合人工智能 8 月报 策略研究 策略月报 2025 年 08 月 02 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：范益民 电话：021-205725 ...

Investment Rating - The report suggests a positive investment outlook for the AI PCB sector, indicating strong growth potential driven by AI demand and product upgrades [1][8]. Core Insights - North American cloud service providers (CSPs) have reported better-than-expected Q2 performance, leading to upward revisions in future capital expenditure (Capex) forecasts, indicating sustained demand for AI computing power [1][2]. - The AI PCB product upgrade trend is expected to significantly enhance the average selling price (ASP) of AI PCBs, driven by advancements in technology and increased complexity in design [3][7]. - The report emphasizes that the expansion of AI PCB production capacity is unlikely to lead to oversupply in the short to medium term, as demand continues to outpace supply due to high technical barriers and increasing design specifications [8][9]. Summary by Sections AI Computing Power Trends - Major CSPs like Google, Meta, Microsoft, and Amazon have increased their AI Capex forecasts significantly, with Google raising its 2025 Capex from $75 billion to $85 billion, a year-on-year increase of 62% [2]. - The demand for AI computing power is expected to remain robust, with significant investments in AI infrastructure across the industry [2]. AI PCB Product Upgrade Trends - The introduction of next-generation AI server products, such as NVIDIA's Rubin series, is anticipated to require higher-layer HDI and advanced CCL materials, which will increase the value of AI PCBs [3][7]. - The report highlights that the complexity and performance requirements of AI PCBs are increasing, leading to a higher demand for advanced materials and manufacturing techniques [7][10]. Impact of PCB Capacity Expansion - A number of PCB manufacturers in China are planning significant capacity expansions to meet the growing demand for AI PCBs, with companies like Huadian and Pengding Holdings announcing substantial investments [8][9]. - The report suggests that the competitive landscape will favor leading manufacturers with established relationships and technological advantages, reinforcing a "stronger gets stronger" trend in the industry [8][9]. Upstream Material Impact - The demand for high-end materials such as M8/M9 CCL and specialty fiberglass is expected to rise sharply, with a projected CAGR of 26% for high-end CCL materials from 2024 to 2026 [10]. - The supply of these materials is currently constrained, presenting opportunities for domestic manufacturers to increase their market share in high-end product segments [10]. Equipment Demand from PCB Expansion - The expansion of high-end PCB production is expected to drive demand for advanced PCB manufacturing equipment, with the market for PCB-specific equipment projected to grow significantly [11][12]. - Domestic equipment manufacturers are likely to benefit from this trend, particularly in areas such as drilling and exposure equipment, as they seek to replace imported high-end equipment [11][12].

Market Overview - The Shanghai Composite Index closed at 3573.21 points on July 31, with a peak of 3636.17 points during the month, marking a significant performance [1] - As of July 31, 18 brokerages recommended a total of 138 stocks for August, with Dongfang Caifu being the most frequently recommended stock, appearing in 5 brokerage recommendations [1][2] Stock Performance - Dongfang Caifu achieved a trading volume of 2364.96 billion yuan in July, ranking first in the A-share market [2][3] - Among the 12 stocks recommended by two brokerages, five stocks saw gains of over 10% in July, with New Yisheng, Hu Dian Co., and Zhuo Yi Information recording increases of 48.96%, 32.15%, and 31.70% respectively, all in the information technology sector [1][3] Investment Recommendations - Brokerages suggest focusing on the "anti-involution" concept, with particular attention to technology and large financial sectors for August [5][6] - China Galaxy recommends sectors such as new productive forces, pharmaceuticals, and value stocks in technology, consumption, and cyclical sectors [6] - The banking sector is expected to benefit from reduced economic tail risks, while insurance and brokerage firms may see improved performance due to increased trading volumes [6][7] Sector Insights - New Yisheng is recognized as a leading global optical module company, with ongoing advancements in high-speed optical modules [4] - Hu Dian Co. is expected to capture increased demand from core customers, particularly in the high-end PCB market related to AI computing [4] - Zhuo Yi Information has launched AI programming products, which are among the fastest commercialized applications in the market [4]

Market Performance - In July 2025, the Shanghai Composite Index rose by 3.74%, while the Shenzhen Component Index increased by 5.20% and the ChiNext Index surged by 8.14%[5] - The average return of the stock portfolio in July was 1.14%, underperforming the CSI 300 Index which rose by 3.54%[5] Economic Outlook - China's GDP growth rate for the first half of 2025 was recorded at 5.3%, with a full-year target of 5% growth expected to be achievable[5] - The IMF has raised its global economic growth forecast, but the Federal Reserve's hawkish stance has reduced expectations for a rate cut in September[5] Stock Recommendations - Chengdu Bank (601838) is recommended for its high dividend yield of 4.82% based on a closing price of 18.47 RMB, with a PE ratio of 5.64[9][12] - Xinhua Insurance (601336) shows strong business elasticity with a closing price of 66.77 RMB and a PE ratio of 8.64, reflecting a significant increase in new business value by 67.9%[13][17] - Xiamen Tungsten (600549) is positioned well in tungsten and rare earth sectors, with a closing price of 23.22 RMB and a projected EPS of 1.33 RMB[18][19] Investment Risks - Economic fluctuations may lead to weaker consumer spending and corporate investment, impacting credit demand and asset quality for banks[12] - Regulatory tightening could hinder new policy sales and affect premium growth for insurance companies[17] Company Performance Highlights - Heng Rui Pharmaceutical (600276) reported a 20.14% increase in revenue for Q1 2025, driven by innovative drug sales[26][29] - Ningde Times (300750) achieved a 33.33% increase in net profit for H1 2025, with a strong cash reserve of 350.58 billion RMB[30][33]

埃科光电(688610.SH)在投资者线上交流会中介绍，公司在 PCB行业业绩保持快速增长态势，主要客户 包括深圳宜美智、 大族数控等头部设备厂商。公司与精测主要在新型显示领域进行合作，半导体方面 有所接触，但是尚未起量； 中科飞测方面，公司参与了其多个机型的验证测试，其相机采购主要以国 外产品为主，公司正在陆续进行国产替代。 ...

Investment Rating - The report maintains a positive outlook on the AI industry chain, indicating a "Davis Double-Click" moment for the AI sector, with expectations for accelerated monetization and increased PE valuations [10]. Core Insights - Recent quarterly earnings reports from Microsoft and Meta have exceeded expectations, driven by AI, leading to significant revenue and performance growth, alongside accelerated Capex investments [4][7]. - The AI commercial cycle is evolving rapidly, with cloud service providers entering a high-intensity phase of computing power investment [7]. Summary by Relevant Sections Communication - AI is driving revenue and Capex acceleration for North American cloud service providers, becoming a core driver for the AI commercial cycle. The report recommends focusing on the optical module and optical device sectors, highlighting companies such as Zhongji Xuchuang, Xinyisheng, Tianfu Communication, and Shijia Photon, while paying attention to Taicheng Technology and Yuanjie Technology [10]. Electronics - The report suggests focusing on two growth directions in PCB: HDI for high-density wiring and high data processing efficiency, and orthogonal backplane PCBs for high-density computing clusters. Recommended companies include Industrial Fulian for server assembly and Shenghong Technology, Hudian Co., Pengding Holdings, and Dongshan Precision for PCBs [10]. Computers - AI applications and overseas capital expenditures are creating a positive feedback loop, with cloud and advertising sectors exceeding growth expectations. The report recommends focusing on infrastructure, AI application scenarios, and domestic computing power [10]. Machinery - The evolution of PCB towards higher complexity and performance is driving demand for upstream equipment and materials. The report recommends focusing on PCB drilling needles, drilling equipment, exposure equipment, and other leading companies in the supply chain [10]. Building Materials & Military Industry - The trend in electronic cloth is clear, with a focus on optimizing structures and achieving simultaneous volume and price increases. Key recommendations include Zhongcai Technology and Feilihua [10]. Chemicals - The report highlights the high-frequency and high-speed resin direction, with an expected increase in demand for high-end CCL. Companies to watch include Dongcai Technology and Shengquan Group [10]. Electric New Energy - In copper foil, the need for low Dz, high peel strength, and low transmission loss is emphasized, with recommendations for manufacturers with high-end product technology and capacity reserves. In electrical equipment, the report suggests potential supply chain opportunities related to next-generation DC architecture [10].

A股午后算力硬件股持续调整，PCB、CPO方向领跌，景旺电子、生益科技、源杰科技、东田微、东山 精密、深南电路均跌超5%，沪电股份、鹏鼎控股、新易盛、太辰光等跌幅靠前。 ...